SINGAPORE, Nov.3 (Xinhua) -- Singapore's Institute of Bioengineering and Nanotechnology (IBN) has created the "photochromic" contact lens that darkens under sunlight, local media reported on Tuesday.

According to local TV broadcaster Channel NewsAsia, the contact lens might look like any other ordinary lens but are able to change colour to protect eyes against harmful ultraviolet radiation and glare. The dyes within the nano structure of the lens are able to respond faster to light changes.

The report said that the IBN is now negotiating a licensing agreement with two companies to make and sell the lenses for markets overseas.

Speaking at the official opening of IBN iCare and the NUH Eye Center, Singapore's Senior Minister of State for Trade and Industry S Iswaran said the market potential is promising, with 310 million people worldwide who need their vision corrected.

He added that the biomedical services industry is shaping up as another key pillar of Singapore's economy alongside the electronics, chemicals and engineering sectors as it contributes about 4 percent to its gross domestic product (GDP) and employs more than 16,000 individuals.